Introducing Evervault's New Payments Security Platform

Evervault is fundamentally a data security company. Our goal is to eliminate the overhead of becoming secure and compliant, and transform security and compliance infrastructure into a competitive advantage for users. Data security products are generally purchased for one of two reasons: i) risk reduction or ii) streamlining compliance. It’s rare to find a data security product that also materially improves core business metrics like revenue, margins, or conversion rates.

Today marks a significant milestone for Evervault as we unveil our latest release: a new payments security platform. This release is accompanied by new additions like our Network Tokens API, Card Insights API, and a deeper look into how our solutions are transforming our customers’ businesses through payment optimization. Our customers leverage each of these products to not only make their card and payment data secure and compliant, but to impact their bottom (and top) line.

Evervault: At the Core of Data Tokenization & Encryption

From the beginning, our mission has been to make world class data security effortless. We understand the importance of data control and are committed to building the most robust and developer-friendly infrastructure for protecting sensitive data — without hindering your ability to use your data for your business needs.

For those new to our product, our developer primitives make it easy to collect, process and share sensitive data (like credit cards or bank account details) anywhere in the stack — passing on the compliance burden to us, and never handling sensitive data in plaintext. As we brought our technology to market, we found clear and powerful applications in fintech and payments. We also found exciting opportunities to naturally extend the usefulness of our platform within these domains.

The Changing Landscape of Payments

It goes without saying that the payments industry is evolving rapidly. The industry is becoming fragmented, with a proliferation of options for payment acceptance and processing — there are hundreds (if not thousands) of companies offering payment processing, cross-border payments, pay-in optimization and more. As a result, many aspects of payment processing have trended towards commoditization, and this trend has put downward pressure on payment processing fees — which we expect to asymptote towards the interchange fees charged by the card networks.

Given how many new options companies have for payment processing, we believe flexibility is the most important thing a payments leader should be focusing on as they build out their payment stack. The key ingredient in having complete flexibility is simple: controlling your own payment data.

Traditionally, necessary components like Payments iFrames, 3D Secure, fraud prevention, tokenization, and processing are bundled with your payment processor. As options for payment processing continue to grow and companies continue to expand across international borders, we believe that real payment data ownership will allow companies to better take advantage of both the variety and the differences between processors, and build more optimal payment stacks. This will have a material effect on the economics of their businesses, and the end-users’ payments experiences.

Our goal with this new launch is to change that by unbundling these components — so you get modular infrastructure that’s independent from your payment processors, allowing for greater control over your payments. Most importantly, you’re not locked in to your existing payment processor. You control your customers’ payment data, without having to worry about security and compliance.

Challenges in Modern Payments Infrastructure

Despite the obvious advantages you get by taking control of your payment data, processing and storing it yourself with in-house software is challenging:

• PCI compliance: Becoming PCI compliant can cost over $100k and 6 months of precious engineering time.
• Multiple complex integrations: Building direct integrations for essential payment elements such as multi-processor setups and payment orchestration, 3D Secure, Network Tokens, and Account Updater is no small feat. There’s typically months of negotiations, integration work, and certification to get up and running for features that are effectively table stakes for a modern payment processing flow.
• Data management: Storing payment data in a structured way, and ensuring that it can be tied to an individual consumer is challenging. Data sprawl is very real, and it can be especially dangerous when dealing with information as sensitive as payment data.

In the short-term, we aim to provide you with building blocks so you can confidently collect, process, and share payment data — and let us ensure they are secure and compliant with PCI DSS and other security compliance frameworks.

Future-Proofing Your Payments

By storing your payment information with your payment processor, you're betting that they will continue to stay on top of payment trends and keep up-to-date with the latest technology. We think this isn’t a gamble that most companies should be making, and you alone should be in control over your core revenue channel (payments).

By controlling your own payment data, you have full flexibility to implement best-in-class payment optimization techniques — or simply take advantage of better pricing or products at any point, either now or in the future.

Launching Evervault Network Tokens 

Alongside our new payments platform, today we’re excited to announce the launch of Evervault’s Network Tokens service, offering instant onboarding and easy integration with card networks for network tokenization. Network tokens are increasingly becoming the new standard for secure payment processing and storage, and provide significant advantages to merchants in the form of higher authorization rates, lower fraud rates, and reduced interchange fees.

Evervault’s new Network Tokens API allows anybody to instantly create network tokens for cards on file, and enroll merchants in the network tokenization schemes. It is the easiest way to start using network tokens, and ensure you skip months of negotiations, integration, and red tape.

Access to Evervault’s Network Tokens service is available directly through our API. Learn how to get started by reading our developer docs.

Securing Payments with Evervault

The launch of our new payments platform and accompanying features represents a significant leap forward in how businesses can handle and secure payment data. At Evervault, our product roadmap ensures we continue leading the charge in payment data security, helping companies like yours prepare for the future of payments. Whether it's through product features like Network Tokens and Payment Optimization, or simply by enhancing overall payments security — we are here to ensure your data works for you in the safest way possible.

Interested to learn more? Talk to an expert